2. General Formulas

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Last updated 4:41 AM on 8/31/26
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9 Terms

1
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Net realizable value (NRV)

Estimated selling price - estimated selling costs

2
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NRV - NPM (floor)

NRV - Normal Profit Margin

3
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Market

The middle number out of the replacement cost, NRV (ceiling), and NRV - NPM (floor).

4
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Gross profit

Net sales - cost of goods sold

5
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Goods available for sale (periodic)

Beginning inventory + net purchases (both from accounting records).

6
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Cost of goods sold (periodic)

Goods available for sale - ending inventory

7
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Cost of goods sold

Beginning inventory + Net purchases - Ending inventory

8
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Net income

Revenues - Cost of goods sold - Other expenses

9
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Ending retained earnings

Beginning retained earnings + net income - dividends